Picks up majority of an Australian foodservice packaging distributor
Huhtamaki has acquired the majority of Tailored Packaging, an Australian foodservice packaging distribution and wholesale group. With the acquisition Huhtamaki gains access to a national network of distribution centers across Australia, allowing it to serve its customers even better and with more agility.
Tailored Packaging is a national foodservice packaging distribution and wholesale group, founded in Sydney in 2001 and having sales offices and distribution centers in each state of Australia. Tailored Packaging employs 130 people and is one of the largest importers and distributors of foodservice packaging in Australia.
The debt free purchase price for 65% ownership of the joint venture was approximately €35 million. As the majority shareholder Huhtamaki will consolidate the joint venture company as a subsidiary in the Group's financial reporting. The business will be reported as part of the Foodservice Europe-Asia-Oceania business segment.